Augury, an Israeli unicorn that works in the field of internet of things IOT and AI-driven Machine health solutions, has acquired fellow Israeli company Seebo, for $300 million. The deal is for both cash and stock.
Augury hit unicorn status last October when a $180 million raise gave the company a $1 billion valuation.
Founded in 2012 by Lior Akavia and Liran Akavia, Seebo helps customers “unlock the full potential of their production lines”. Seebo Process-Based Artificial Intelligence empowers manufacturing teams to achieve global process optimization across multiple, conflicting objectives – from improving quality, throughput and yield, to reducing waste and scrap, cutting energy costs and lowering emissions. The company had raised $53 million in total funding before its acquisition.
“By combining the leading machine health solution with the leading process optimization solution, manufacturers can now gain a holistic view across production processes, machines and operations. So manufacturers can both optimize process-driven objectives like quality, yield, waste, throughput, emissions and energy,” commented Lior Akavia.
Founded in 2011 by CEO Saar Yoskovitz and CTO Gal Shaul, and based in Haifa, Augury says that its solution provides insights into the health and performance of the machines, which manufacturers use to make products, and deliver services. Augury has 250 employees including 120 in Israel.
Augury’s mission is to build a world where people can always rely on the machines that matter, by providing its customers with superior insights into the health and performance of the machines they use to make products, deliver services and improve lives.
Augury boasts that its Machine Health solutions create a “real-time, prescriptive source of truth for the health and performance of industrial assets. From the plant floor to the executive office, we provide insights to help you transform the way you manage and maintain your critical assets by predicting and preventing machine failures.”
“Manufacturers realize their competitiveness depends on empowering their frontline teams. However methodologies like TPM and IWS can only drive production gains so far, without accurate insights into the interrelated ways that processes, materials, environment and equipment impact production health,” said Saar Yoskovitz, CEO of Augury. “The lack of a unified platform to provide these insights stifles collaboration and progress. The combination of our full-stack machine health platform and Seebo’s process-based AI will give cross functional teams the correlated view they need to transform how they work, and unlock $1 trillion in untapped production potential from existing facilities worldwide.”